Medgex: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Medgex
Largest movements
- Tangible fixed assets +€187,018
up €187,018 (+510.8%), from €36,615 to €223,633
of which Land and buildings: +€194,575
- Receivables within one year +€109,102
up €109,102 (+695.6%), from €15,686 to €124,788
of which Trade receivables: +€83,498
- Cash -€26,012
down €26,012 (-31.4%), from €82,938 to €56,926
mainly Investment in fixed assets (net) (-€225,374) and Receivables within one year (-€109,102)
- Debts after one year +€179,470
up €179,470 (+824.2%), from €21,776 to €201,247
- Trade debts +€64,232
up €64,232 (+2527.6%), from €2,541 to €66,774
- Other debts +€29,900
up €29,900 (+942.5%), from €3,172 to €33,073
- Tax, wage and social debts -€12,426
down €12,426 (-61.9%), from €20,079 to €7,653
of which Remuneration and social security: -€13,000
- Current portion of long-term debt +€9,264
up €9,264 (+89.9%), from €10,300 to €19,565
- Gross operating margin +€34,248
up €34,248 (+85.4%), from €40,093 to €74,341
- Depreciation +€25,927
up €25,927 (+208.6%), from €12,429 to €38,356
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,866 | €408,387 | +€270,521 | +196.2% |
| Fixed assets | 21/28 | €36,615 | €223,633 | +€187,018 | +510.8% |
| Tangible fixed assets | 22/27 | €36,615 | €223,633 | +€187,018 | +510.8% |
| Land and buildings | 22 | - | €194,575 | +€194,575 | |
| Plant, machinery and equipment | 23 | €1,908 | €1,666 | -€242 | -12.7% |
| Furniture and vehicles | 24 | €34,707 | €27,393 | -€7,315 | -21.1% |
| Current assets | 29/58 | €101,251 | €184,754 | +€83,503 | +82.5% |
| Amounts receivable within one year | 40/41 | €15,686 | €124,788 | +€109,102 | +695.6% |
| Trade receivables | 40 | €465 | €83,963 | +€83,498 | +17953.8% |
| Other amounts receivable | 41 | €15,221 | €40,825 | +€25,604 | +168.2% |
| Cash at bank and in hand | 54/58 | €82,938 | €56,926 | -€26,012 | -31.4% |
| Deferred charges and accrued income | 490/1 | €2,628 | €3,040 | +€412 | +15.7% |
| Total equity and liabilities | 10/49 | €137,866 | €408,387 | +€270,521 | +196.2% |
| Equity | 10/15 | €79,997 | €79,997 | = | 0.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €73,997 | €73,997 | = | 0.0% |
| Distributable reserves | 133 | €73,997 | €73,997 | = | 0.0% |
| Amounts payable | 17/49 | €57,870 | €328,390 | +€270,521 | +467.5% |
| Amounts payable after more than one year | 17 | €21,776 | €201,247 | +€179,470 | +824.2% |
| Financial debts | 170/4 | €21,776 | €201,247 | +€179,470 | +824.2% |
| Amounts payable within one year | 42/48 | €36,093 | €127,065 | +€90,971 | +252.0% |
| Current portion of amounts payable after more than one year | 42 | €10,300 | €19,565 | +€9,264 | +89.9% |
| Trade debts | 44 | €2,541 | €66,774 | +€64,232 | +2527.6% |
| Suppliers | 440/4 | €2,541 | €66,774 | +€64,232 | +2527.6% |
| Taxes, remuneration and social security | 45 | €20,079 | €7,653 | -€12,426 | -61.9% |
| Taxes | 450/3 | €7,079 | €7,653 | +€574 | +8.1% |
| Remuneration and social security | 454/9 | €13,000 | - | -€13,000 | |
| Other amounts payable | 47/48 | €3,172 | €33,073 | +€29,900 | +942.5% |
| Accrued charges and deferred income | 492/3 | - | €79 | +€79 | |
| Non-recurring operating income | 76A | €114 | - | -€114 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,429 | €38,356 | +€25,927 | +208.6% |
| Other operating charges | 640/8 | €1,118 | €1,504 | +€387 | +34.6% |
| Gross operating margin | 9900 | €40,093 | €74,341 | +€34,248 | +85.4% |
| Operating profit (loss) | 9901 | €26,546 | €34,481 | +€7,934 | +29.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,151 | €3,345 | +€193 | +6.1% |
| Recurring financial charges | 65 | €3,151 | €3,345 | +€193 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €23,395 | €31,136 | +€7,741 | +33.1% |
| Income taxes | 67/77 | €6,802 | €6,581 | -€221 | -3.3% |
| Profit (loss) for the period | 9904 | €16,593 | €24,555 | +€7,962 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,593 | €24,555 | +€7,962 | +48.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.